Nana Appiah Mensah
Customers of embattled gold dealership firm, Menzgold Ghana Company Limited, who wish to terminate their contracts with the firm, will from November 9, 2018, be paid 15 per cent off the initial gold collectibles values, the company has disclosed.
A statement signed by the company’s Head of Communications, Nii Armah Amarteiifio, disclosed that the 15 per cent termination payment forms part of efforts to mitigate the economic distress the company’s investors have gone through over the period.
The percentage termination payment is part of initial steps towards the 90-day payment period promised by the company early last month.
The payments, according to the statement “would be made via bank transfers into beneficiaries’ bank accounts following a well-structured ‘transactions schedule’, treating each transaction on its merits with regard to time of payment dispatch, based certain criteria.
The criteria, the statement said, include the date the transaction commenced, whether a trader did receive any extra value payment since the trader’s trade commenced or not and how long the trader has been buying and selling gold collectibles on the Gold Vault Market.
Others are the total quantity and value of gold collectibles put up for trade on the Gold Vault Market and extra value payments frequency received by each trader since the trader’s gold buying and selling tenure on the Gold Vault Market.
Online Vault
Meanwhile, the firm has announced that it will from today launch online gold bars and collectibles buying and selling platform known as the ‘Menzgold Global Market.’
The statement urged the customers on the offline gold vault which has been suspended by the Securities and Exchange Commission (SEC) to migrate their accounts on to the global online market at a fee.
“This would keep their gold buying and selling business actively in session on the online-market to forestall any payment impediments in the subsequent months,” the statement added.
“Outstanding or pending extra values payments due before the unwarranted external interference in our business on the 12th September, 2018, that are entitled to traders who wish to be migrated from the offline gold market to the online gold market would also commence on the 9th November, 2018, through bank transfers to beneficiaries’ bank accounts, following a well-structured transactions schedule duly processed by our accounts department,” the statement said.
It added that traders with outstanding extra values at Menzgold can comfortably authorise their transactions to be migrated with a deferred transaction fee payment, which shall be reconciled with the trader upon the receipt of the trader’s outstanding or pending extra value payments.
It expressed gratitude to customers for supporting the company to find ways to resolve the numerous problems.
By Gibril Abdul Razak